165 Treasure St Unit A3-105 · Merritt Island, FL 32952

$184,900

3 bd · 2.0 ba · 882 sqft · Condo public records · 65 Days on market

Built 1964 $744/mo HOA

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +11.6/30.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Rent growth +4.1/5.0
• Livability +3.5/5.0
• DSCR +3.4/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great Opportunity to live on the Island! And afford it! Location! Location! Location! Move in ready 3 bedroom 2 bath! First Floor. Great for vacation home, retirement or snowbirds! Maintenance free living. Could be your very own piece of paradise!! Minutes to Cocoa Beach, Port Canaveral , Ron Jon Surf Shop and Mall. Great restaurants and shopping nearby. Heated Pool. Owners previously updated unit including all drywall and ceilings. New A/C Ductwork and Air Handler, Electric, Stainless Steel Appliances etc. .. There is a carrying charge similar to an HOA if homesteaded of $593 which includes water/sewer, property taxes, trash, exterior maintenance, A/C & Water Heater maintenance & replacement. BUYER MUST SUBMIT CO-OP APPLICATION, CREDIT CHECK & BOARD APPROVAL. * CASH ONLY * CANNOT BE RENTED

Key facts

• Private updated bath
• First floor end unit
• $744 HOA

Tags

• FIRST FLOOR END UNIT
• OPEN FLOORPLAN RENOVATION
• CUSTOM WALK IN SHOWER
• OVERSIZED WALK IN CLOSET
• PRIVATE UPDATED BATH
• WOOD FLOORS IN BEDROOMS

Property features AI

Finance

• HOA & community: Has association (Merritt Island Cooperative Housing Association); Monthly association fee; Association fee includes maintenance of grounds, pest control, sewer, trash, and water; Community amenities: clubhouse, laundry, grounds maintenance, structure maintenance, full-time management, pickleball, playground, RV/boat storage, trash service, water

Exterior

• Parking: Assigned parking; Carport (1 space); Guest parking
• Security: Smoke detector(s)
• Utilities: Public sewer; Electricity connected; Sewer connected
• Home design: Faces north; Stock cooperative; Currently used as single family
• Construction: Block construction; Concrete and tar/gravel roof
• Exterior features: Balcony; Courtyard; Terrace; Vinyl fencing; Many trees; Sprinklers in front and rear

Interior

• Kitchen: Electric oven; Electric range; Refrigerator; Ice maker; Wine cooler
• Bedrooms: 3 bedrooms
• Flooring: Tile; Wood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air (electric)
• Interior features: Built-in features; Ceiling fan(s); Eat-in kitchen; Open floorplan; Pantry; Primary bathroom with tub and shower; Walk-in closet(s)
• Laundry & utility: Laundry on lower level; Electric water heater

🏢 Co-op / cooperative unit. The $184,900 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $185k.

Deal economics

• At list price, monthly cash flow is $-125 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $163k (12.0% below list).
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $163k (12.0% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 70/100 on livability (#441 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A-; Watch: amenities F, commute F, health & safety D-.
• Brevard (suburban): math 53% / reading 57% proficiency, ranked #19 of 73 in FL (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Audubon Elementary School (math 55% / reading 57%, grade C+, #832 of 2,144 statewide, top 40%, 450 students, 58% FRL); Thomas Jefferson Middle School (math 63% / reading 55%, grade B, #144 of 571 statewide, top 26%, 608 students, 43% FRL); Merritt Island High School (math 32% / reading 55%, grade F, #248 of 667 statewide, top 38%, 1,546 students, 35% FRL) — zoned schools at 45% FRL track the district average.
• Market conditions: Rents rising fast (+6.5%/yr); 230 active listings in the ZIP; solid renter incomes; 4,602 units permitted in Brevard County in 2024 (702 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $153k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 32% of rent.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $162,773 (12.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
12. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
13. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.26% ✓
• Cap rate: 5.91%
• Cash-on-cash: -1.36%
• DSCR: 0.94
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.53% rent growth · sell at horizon

5-year hold

• IRR: -14.9%
• Equity multiple: 0.44×
• Total profit: $-28,911
• Equity at exit: $27,569

10-year hold

• IRR: 0.9%
• Equity multiple: 1.08×
• Total profit: $4,232
• Equity at exit: $15,987

Cash invested: $51,772 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 32952

• Rents YoY: 6.5%
• Active inventory: 230
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,330 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$109 /mo · $1,310/yr
• Insurance: −$77
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$744
• Vacancy / Maint / Mgmt: −$489
• Net cashflow: $-125

Break-even live

Break-even rent $2,489

Max offer price $162,773

Occupancy floor —

Sensitivity live

Price	-10% $-21	-5% $-73	+0% $-125	+5% $-178	+10% $-230
Rent	-10% $-309	-5% $-217	+0% $-125	+5% $-33	+10% $59
Rate	-1.0pp $-32	-0.5pp $-78	base $-125	+0.5pp $-173	+1.0pp $-222

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $46,225
• Closing costs: $5,547
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $744 · $8,928/yr
• Likely covers: watersewertrashelectricexterior maint.pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-22
   days on market $184,900 Active 65 DOM
2. 2026-06-18
   days on market $184,900 Active 62 DOM
3. 2026-06-17
   days on market $184,900 Active 61 DOM
4. 2026-06-16
   days on market $184,900 Active 60 DOM
5. 2026-06-15
   days on market $184,900 Active 59 DOM
6. 2026-06-14
   days on market $184,900 Active 57 DOM
7. 2026-06-10
   days on market $184,900 Active 54 DOM
8. 2026-06-08
   days on market $184,900 Active 52 DOM
9. 2026-06-07
   days on market $184,900 Active 51 DOM
10. 2026-06-05
    days on market $184,900 Active 48 DOM
11. 2026-06-03
    days on market $184,900 Active 47 DOM
12. 2026-06-02
    days on market $184,900 Active 46 DOM
13. 2026-06-01
    days on market $184,900 Active 45 DOM
14. 2026-05-31
    days on market $184,900 Active 44 DOM
15. 2026-05-31
    days on market $184,900 Active 43 DOM
16. 2026-04-17
    listed $184,900 Active
17. 2022-06-29
    soldstatus $153,000 Closed 820-char remark

    Show marketing remark (820 chars)

    Great Opportunity to live on the Island! And afford it! Location! Location! Location! Move in ready 3 bedroom 2 bath! First Floor. Great for vacation home, retirement or snowbirds! Maintenance free living. Could be your very own piece of paradise!! Minutes to Cocoa Beach, Port Canaveral , Ron Jon Surf Shop and Mall. Great restaurants and shopping nearby. Heated Pool. Owners previously updated unit including all drywall and ceilings. New A/C Ductwork and Air Handler, Electric, Stainless Steel Appliances etc. .. There is a carrying charge similar to an HOA if homesteaded of $593 which includes water/sewer, property taxes, trash, exterior maintenance, A/C & Water Heater maintenance & replacement. BUYER MUST SUBMIT CO-OP APPLICATION, CREDIT CHECK & BOARD APPROVAL. * CASH ONLY * CANNOT BE RENTED

18. 2022-05-27
    status Pending 820-char remark

    Show marketing remark (820 chars)

    Great Opportunity to live on the Island! And afford it! Location! Location! Location! Move in ready 3 bedroom 2 bath! First Floor. Great for vacation home, retirement or snowbirds! Maintenance free living. Could be your very own piece of paradise!! Minutes to Cocoa Beach, Port Canaveral , Ron Jon Surf Shop and Mall. Great restaurants and shopping nearby. Heated Pool. Owners previously updated unit including all drywall and ceilings. New A/C Ductwork and Air Handler, Electric, Stainless Steel Appliances etc. .. There is a carrying charge similar to an HOA if homesteaded of $593 which includes water/sewer, property taxes, trash, exterior maintenance, A/C & Water Heater maintenance & replacement. BUYER MUST SUBMIT CO-OP APPLICATION, CREDIT CHECK & BOARD APPROVAL. * CASH ONLY * CANNOT BE RENTED

19. 2022-05-15
    price $163,000 820-char remark

    Show marketing remark (820 chars)

    Great Opportunity to live on the Island! And afford it! Location! Location! Location! Move in ready 3 bedroom 2 bath! First Floor. Great for vacation home, retirement or snowbirds! Maintenance free living. Could be your very own piece of paradise!! Minutes to Cocoa Beach, Port Canaveral , Ron Jon Surf Shop and Mall. Great restaurants and shopping nearby. Heated Pool. Owners previously updated unit including all drywall and ceilings. New A/C Ductwork and Air Handler, Electric, Stainless Steel Appliances etc. .. There is a carrying charge similar to an HOA if homesteaded of $593 which includes water/sewer, property taxes, trash, exterior maintenance, A/C & Water Heater maintenance & replacement. BUYER MUST SUBMIT CO-OP APPLICATION, CREDIT CHECK & BOARD APPROVAL. * CASH ONLY * CANNOT BE RENTED

20. 2022-05-06
    listed $168,000 Active 820-char remark

    Show marketing remark (820 chars)

    Great Opportunity to live on the Island! And afford it! Location! Location! Location! Move in ready 3 bedroom 2 bath! First Floor. Great for vacation home, retirement or snowbirds! Maintenance free living. Could be your very own piece of paradise!! Minutes to Cocoa Beach, Port Canaveral , Ron Jon Surf Shop and Mall. Great restaurants and shopping nearby. Heated Pool. Owners previously updated unit including all drywall and ceilings. New A/C Ductwork and Air Handler, Electric, Stainless Steel Appliances etc. .. There is a carrying charge similar to an HOA if homesteaded of $593 which includes water/sewer, property taxes, trash, exterior maintenance, A/C & Water Heater maintenance & replacement. BUYER MUST SUBMIT CO-OP APPLICATION, CREDIT CHECK & BOARD APPROVAL. * CASH ONLY * CANNOT BE RENTED

21. 2002-07-17
    soldstatus $1,500,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $1,310 · $109/mo
• Projected year-2 tax: $1,535 · $128/mo
• Expected delta: +$225/yr (+$19/mo · 17.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 23 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,965
• − Mortgage interest: −$10,357
• − Property taxes: −$1,310
• − Insurance: −$1,722
• − Repairs & maintenance: −$2,237
• − Management: −$2,237
• − HOA: −$8,928
• − Depreciation: −$5,379
• Taxable loss: −$4,205
• Est. tax savings @ 24.0%: +$1,009
• After-tax cash flow: $-494/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Brevard
• NCES district ID: 1200150
• Math proficiency: 53% ▼ -9.00%
• Reading proficiency: 57% ▼ -4.00%
• Median HH income: $49,426
• Composite: 46.86/100
• National rank: #2370
• State rank: #19 of 73 in FL

Livability — Merritt Island

• Score: 70/100
• State rank: #441
• US rank: #7878

Category grades

Amenities F Commute F Cost of living C+ Crime A+ Employment A- Housing A+ Health & safety D- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Merritt Island, FL
• County: Brevard County · 602,871 people
• City population: 46,372
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 21,613
• Household income: $102,726
• Rent vs Own: 16.0% rent · 84.0% own
• Severe rent burden: 199.0

Population outlook (Brevard County) Hauer SSP2

• Today (2025): 623,254 people
• By 2030: 648,420 · +4.0%
• By 2040: 690,009 · +10.7%
• By 2050: 715,669 · +14.8%
• By 2075: 775,744 · +24.5%
• By 2100: 776,687 · +24.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 6% Two or more races 6% Asian 2% Black 2%
• Hispanic origin (detail): Puerto Rican 4% Cuban 1%
• Common ancestry: Romanian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 92% English-only · Spanish 4% Other Indo-European 1%

Political lean MEDSL · Brevard

• 2024 margin: Strong R (+20.8) · D 39.1% · R 59.9% · Other 1.0%
• 2008→2024 swing: -10.4pp toward R · 2008: -10.4pp · 2024: -20.8pp
• All cycles: 2024: R+20.8 2020: R+16.4 2016: R+19.8 2012: R+12.7 2008: R+10.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -177.56%
• Current HPI: 323.6021
• Rent YoY: ▲ 6.53%
• Metro: Palm Bay-Melbourne-Titusville, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

-87.7% since first listed

6 events — show timeline

• 2026-04-17 Listed $184,900 SCMLS
• 2022-06-29 Sold (MLS) $153,000 SCMLS
• 2022-05-27 Pending — SCMLS
• 2022-05-15 Price Changed $163,000 SCMLS
• 2022-05-06 Listed $168,000 SCMLS
• 2002-07-17 Sold (Public Records) $1,500,000 Public Records

Property tax history

+12.5%/yr

Latest (2025): $1,310 · +5.4% YoY. Source: county tax records.